India got $15 billion overseas funds in Q1

India got $15 billion overseas funds in Q1
PTI
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First Published: Fri, Aug 14 2009. 12 36 AM IST
Mumbai: Signs of India’s economic recovery appears to have raised the confidence among foreign investors with the flow of foreign investment surging five times in the April-June quarter.
As against a flow of nearly $3 billion (Rs14,430 crore) in the preceding quarter of January-March, the direct and portfolio investments flow together rose sharply to $15 billion during April-June this year, data released by the Reserve Bank of India (RBI) showed.
Of the total investment flows during the quarter, portfolio investments accounted for $8.27 billion, while direct inflows contributed $7.02 billion to the total flows, RBI data showed.
In the three months ended March, total inflows into the domestic market was a mere $3.59 billion.
Foreign fund inflows had sharply declined in FY09 after the global financial turmoil triggered panic among foreign institutional investors, prompting them to pull out money from emerging markets.
While the country received a total investment of $61.63 billion in 2007-08, for the full fiscal year ended 31 March, total investments dropped to $21.31 billion.
Of the total fund flows that reached the country in 2008-09, direct investment contributed $35.17 billion while portfolio investments posted a negative flow of $13.86 billion.
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First Published: Fri, Aug 14 2009. 12 36 AM IST